Half Year 2024 Euroapi SA Earnings Call Transcript
Key Points
- Euroapi SA (EAPIF) is on track with its FOCUS-27 plan, with several initiatives launched and advanced discussions for financing.
- The company registered solid momentum in CDMO with 14 new projects in H1, aligning with its strategy to de-risk its portfolio.
- The restart of shipments and production in Brindisi is progressing as expected, with the GMP license reinstated in mid-July.
- Core EBITDA margin was positively impacted by increased prices, better product mix, and improved industrial performance.
- Significant improvement in financial discipline and cash flow, with a reduction in working capital and improved cash collection.
- Consolidated net sales decreased by 9.6%, driven by a strong decline in demand from Sanofi and suspension of production in Brindisi.
- Core EBITDA decreased by 23.8% compared to the previous year, with a margin drop from 12.6% to 10.6%.
- The company recorded a net loss of EUR34.8 million for the period, impacted by non-recurring costs and restructuring expenses.
- Sales to Sanofi dropped by 14.9%, and sales to other clients decreased by 4.6%, affecting overall revenue.
- The financial result was negatively impacted by increased interest rates and full drawdown of the ICS, leading to a negative EUR8.1 million.
Hello, and welcome to the EUROAPI 2024 half-year results call. My name is Saskia, and I will be your coordinator for today's event. Today's call is being recorded. (Operator Instructions)
I will now hand you over to Sophie Palliez, Head of IR, to begin today's conference. Please go ahead.
Thank you. Good morning, everyone, and welcome to EUROAPI first-half '24 results conference call. This call will be hosted by Ludwig de Mot , EUROAPI Chief Executive Officer; and Evelyne Nguyen, Chief Financial Officer. Ludwig and Evelyne will go through rapid presentation of our H1 results, and we will open the floor to your questions.
However, before we start, I would like to emphasize that some of the information we share with you today is looking forward and not historical. This information is based on projection and assumptions concerning EUROAPI's current and future strategy, future financial results, and the environment in which we operate. These forward-looking statements and information do not
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